>>> US After Hours Summary: TSLA +9.9%, TXN +6.5%, LRN +6.1%, CSGP +3.2%, V +2.7

After Hours Summary: TSLA +9.9%, TXN +6.5%, LRN +6.1%, CSGP +3.2%, V +2.7%, STLD +2.3%, STX +1.2% higher on earnings; MANH -7%, ENPH -6.1% lower on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: TSLA +9.9%, TXN +6.5%, LRN +6.1%, WFRD +5.9%, TRMK +5.3% (also to sell Fisher Brown Bottrell Insurance to MMC for $345 mln in cash),
CSGP +3.2%, EWBC +2.9%, V +2.7%, STLD +2.3%, MTDR +2%, WFG +1.8%, MAT +1.5%, VLTO +1.4%, STX +1.2% (also to sell certain IP, equipment and other assets related to SoC Ops to AVGO for $600 mln in cash), WSBC +1.2%, WIRE +1.2%, RNST +1%, AGR +1%, ADC +0.8%, HA +0.6%, HIW +0.5%, APAM +0.2%
Companies trading higher in after hours in reaction to news: MCFT +5% (expands portfolio with launch of Balise Pontoon Boats), CNTA +1.4% ($100 mln ADS offering), MET +1.1% (increases dividend), NEXA +0.8% (reports Q1 exploration updates), AVGO +0.6% (to buy certain IP, equipment and other assets from STX related to SoC Ops for $600 mln in cash), OTIS +0.5% (increases dividend), MOD +0.3% (opens a second facility in Serbia), TTEC +0.2% (announce strategic alliance with Bright Software), EDR +0.1% (provides Q1 2024 construction progress)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: VICR -9.6%, MANH -7% (also replenishes buyback authorization to $75 mln), ENPH -6.1%, VBTX -3%, CB -0.6%, KREF -0.5%, EGP -0.1%, ENVA -0.1%, PEB -0.1%

Companies trading lower in after hours in reaction to news: TCMD -2.6% (CEO to retire, names new CEO; also guides Q1 revs above consensus), MMC -2.3% (to acquire Fisher Brown Bottrell Insurance from TRMK), SEDG -1.9% (in sympathy with ENPH earnings), KMPR -1.9% (reports Q1 update), BMRN -1.3% (provides litigation update), RUN -0.9% (in sympathy with ENPH earnings), SPR -0.7% (SPR details Boeing Memorandum of Agreement), TMUS -0.7% (completes multi-year 5G network investment totaling $163 mln across Arkansas), EARN -0.7% (adopts tax asset preservation plan), WBD -0.4% (NBA exclusive period to discuss new broadcast deal with WBD and ESPN ended without agreement, according to Bloomberg), FSLR -0.2% (in sympathy with ENPH earnings)

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • CALX -15.8%, JBLU -9.6%, XRX -7.1%, SSD -6.8%, MSCI -6.7%, NUE -6.1%, CDNS -5.9%, PKG -5.2%, LKQ -3.9%, KNSA -3.9%, IVZ -3.7%, SHW -3.6%, VERX -2.5% (also $250 mln convertible senior notes offering) WBS -2.5%, CLF -2.4% (also authorizes $1.5 bln for repurchases), CBU -2.1%, BANC -1.4%, ZGN -1.3% (Q1 revs), PM -0.9%, NEE -0.8%
Other news:
  • ABEO -48.4% (provides regulatory update on Pz-cel)
  • SSL -11.6% (reports 9-month production results)
  • FATE -4.2% (presentation of FT819 Proof-of-Concept data)
  • TPR -0.7% (FTC to block acquisition of CPRI; responds to FTC)
  • BLD -0.7% (mutually terminates agreement to acquire Specialty Products and Insulation)
  • WOLF -0.6% (Comments on Letter from JANA Partners)
Analyst comments:
  • MP -2.6% (downgraded to Neutral from Overweight at JP Morgan)
  • NOVA -2.6% (downgraded to Sector Weight from Overweight at KeyBanc Capital Markets)
  • WBD -2.4% (downgraded to Underperform from Peer Perform at Wolfe Research)
  • FIVE -2.1% (downgraded to Neutral from Overweight at JP Morgan)
  • SPWR -1.9% (downgraded to In-line from Outperform at Evercore ISI)
  • XP -1% (downgraded to Equal-Weight from Overweight at Morgan Stanley)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • SPOT +8.4%, DHR +6.7%, CR +6.3% (to also acquire CryoWorks), NVS +5.2%, GE +4.9%, GM +4.4%, PHM +4.4%, KMB +4.3%, SAP +3.9%, OPCH +3.6%, HSTM +3.4%, FBP +3%, ARE +2.8%, FI +2.7%, PNR +2.3%, MLI +2.3%, DGX +2.2%, GL +2.1%, RBB +2.1% (also appoints new CFO), CADE +1.8%, MEDP +1.6%, VLRS +1.6%, LMT +1.6%, CATY +1.4%, R +1.4%, UPS +1.3%, HAL +0.9%, HXL +0.8%, AGNC +0.7%, PNFP +0.7%, HRI +0.7%
Other news:
  • IBRX +23.7% (receives FDA approval of ANKTIVA)
  • HIBB +18.7% (to be acquired by JD Sports Fashion for $87.50 per share)
  • CANG +8.2% (announces up to $50 mln new share repurchase program)
  • ACET +7% (highlights preclinical data)
  • LIND +6.5% (CFO to resign)
  • NBIX +5.5% (reports positive phase 2 data for NBI-1065845 in adults with major depressive disorder)
  • BGNE +3.1% (announces that the European Commission has approved tislelizumab as a treatment for non-small cell lung cancer across three indications, including first- and second-line use)
  • AJG +2.2% (acquires Prasidium Credit Insurance)
  • NGNE +2% (upcoming presentation of safety data)
  • OSG +1.8% (awarded federal grant to design marine transport for liquified CO2 captured by Florida's largest emitters)
  • HESM +1.1% (increases quarterly cash distribution)
Analyst comments:
  • ATRC +4.8% (upgraded to Outperform from Perform at Oppenheimer)
  • PENN +4.8% (upgraded to Buy from Hold at Truist)
  • RBLX +4.7% (upgraded to Overweight from Neutral at JP Morgan)
  • DDOG +2.9% (upgraded to Overweight from Equal Weight at Wells Fargo)
  • FSLR +1.8% (upgraded to Outperform from In-line at Evercore ISI)
  • MELI +1.2% (upgraded to Buy from Hold at DZ Bank)
  • STM +0.7% (upgraded to Buy from Hold at Berenberg)

>>> US Research Calls

Research Calls I
  • Upgrades:
    • AtriCure (ATRC) upgraded to Outperform from Perform at Oppenheimer; tgt $32
    • BCE Inc (BCE) upgraded to Sector Outperform from Neutral at CIBC
    • BlackLine (BL) upgraded to Neutral from Underweight at Piper Sandler; tgt raised to $62
    • Datadog (DDOG) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $150
    • First Solar (FSLR) upgraded to Outperform from In-line at Evercore ISI; tgt $227
    • Gatos Silver (GATO) upgraded to Buy from Hold at Canaccord Genuity; tgt raised to $12.50
    • Medpace (MEDP) upgraded to Buy from Hold at Jefferies; tgt raised to $450
    • MercadoLibre (MELI) upgraded to Buy from Hold at DZ Bank; tgt $1685
    • PENN Entertainment (PENN) upgraded to Buy from Hold at Truist; tgt $23
    • Roblox (RBLX) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $48
    • Sendas Distribuidora S.A. (ASAI) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $17
    • Sierra Bancorp (BSRR) upgraded to Buy from Neutral at Janney; tgt $23
    • STMicroelectronics (STM) upgraded to Buy from Hold at Berenberg
    • Thomson Reuters (TRI) upgraded to Sector Perform from Underperform at National Bank Financial
  • Downgrades:
    • Canadian Natrl Res (CNQ) downgraded to Hold from Buy at Desjardins
    • Five Below (FIVE) downgraded to Neutral from Overweight at JP Morgan; tgt $170
    • MP Materials (MP) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $16
    • Sunnova Energy (NOVA) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
    • SunPower (SPWR) downgraded to In-line from Outperform at Evercore ISI; tgt $6
    • Warner Bros. Discovery (WBD) downgraded to Underperform from Peer Perform at Wolfe Research; tgt $7
    • XP (XP) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $24
  • Others:
    • Albertsons (ACI) added to JP Morgan's Analyst Focus List
    • Auna S.A. (AUNA) initiated with a Buy at HSBC Securities; tgt $12.60
    • Cartesian Therapeutics (RNAC) initiated with an Outperform at Leerink Partners; tgt $39
    • Incyte (INCY) initiated with a Neutral at Cantor Fitzgerald
    • Insmed (INSM) initiated with a Buy at Truist; tgt $48
    • MongoDB (MDB) initiated with a Buy at Loop Capital; tgt $415
    • Qualcomm (QCOM) initiated with a Buy at The Benchmark Company; tgt $200
    • Rentokil Initial plc (RTO) resumed with a Neutral at JP Morgan